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Record High Pending Home Sales For August

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The housing market is hot right now, and pending home sales are at a record high. The record-low mortgage rates are helping with the demand. In fact, August marks the fourth straight month for pending home sales increases.

The National Association of Realtors (NAR) puts out the Pending Home Sales Index (PHSI) which predicts pending home sales based on the number of current signed contracts. The PHSI increased by 8.8% from 122.1 to 132.8 from July to August. This is the highest level on record. As far as a year-over-year basis, pending home sales were 24.2% higher than they were this time last year.

Pending home sales have risen across the country in all four regions when it comes to month-over-month activity. It ranged from 4.3% in the Northeast to 13.1% in the West. The year-over-year activity saw the biggest gain of 26.0% in the Northeast. This is the second straight month that the Pending Home Sales Index reported double-digit year-over-year increases in every region.

Now is the time to purchase a new or existing home. If you are ready to take that step, contact a Realtor in your area who can get you the best price for the best home in the community you desire.

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